As the Middle East conflict continued to push up gasoline prices, Canada's inflation rate rose slightly to 3%, but the increase in core price indicators was still moderate. Statistics Canada announced on Monday that gasoline prices rose 25.7% year on year in July, up from 20.5% in June. Excluding gasoline, the consumer price index rose 2.2% for the third month in a row. CPI rose 0.5% month-on-month. Economists had predicted that the overall inflation rate would rise slightly to 2.9% from 2.8% in June. Although the overall inflation rate was slightly higher than expected, the latest data shows that inflationary pressure is still under control, and there are still limited signs of transmission of rising energy costs to other sectors of the economy. The Bank of Canada's preferred inflation rate index is an average of 1.95%, which is only a slight increase from the previous month, and is still below the 2% target. However, given other data showing that the economy is rebounding, the Bank of Canada will continue to pay close attention to core inflation indicators to determine whether the situation will change.

As the Middle East conflict continued to push up gasoline prices, Canada's inflation rate rose slightly to 3%, but the increase in core price indicators was still moderate. Statistics Canada announced on Monday that gasoline prices rose 25.7% year on year in July, up from 20.5% in June. Excluding gasoline, the consumer price index rose 2.2% for the third month in a row. CPI rose 0.5% month-on-month. Economists had predicted that the overall inflation rate would rise slightly to 2.9% from 2.8% in June. Although the overall inflation rate was slightly higher than expected, the latest data shows that inflationary pressure is still under control, and there are still limited signs of transmission of rising energy costs to other sectors of the economy. The Bank of Canada's preferred inflation rate index is an average of 1.95%, which is only a slight increase from the previous month, and is still below the 2% target. However, given other data showing that the economy is rebounding, the Bank of Canada will continue to pay close attention to core inflation indicators to determine whether the situation will change.